GREIF, INC — Director's Dealing 2008

Jan 2, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GREIF INC (GEF,GEF.B)
CIK: 0000043920
Period of Report: 2008-01-01

Reporting Person: GUNSETT DANIEL J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-01-02	Class A Common Stock	M	4000	$13.406	Acquired	6510	Direct
2008-01-02	Class A Common Stock	S	4000	$65.06	Disposed	2510	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-01-01	Phantom Stock Units (Cash Only Rights)	$65.37	A	125.6	Acquired	1988-08-08	Class A Common Stock (125.6)	Direct
2008-01-02	Class A Common Stock Options	$13.406	M	4000	Disposed	2009-02-22	Class A Common Stock (4000)	Direct

Footnotes

F1: The units are to be settled in cash upon the reporting person's retirement from the Board.